22
July
Gold Futures Rise on Bets Federal Reserve's Policy Will Drive Dollar Lower
22 July 2010 Bloomberg.com
Gold futures rebounded on speculation that the Federal Reserve will act to stimulate U.S. growth, driving the dollar lower and boosting the appeal of the precious metal as an alternative asset.
Fed Chairman Ben S. Bernanke told Congress yesterday that “the economic outlook remains unusually uncertain” and the central bank may “take further policy action” to support growth. Before today, gold rallied 8.7 percent this year, reaching a record $1,266.50 an ounce on June 21.
